Latest news from Deal Varney

Not surprisingly the commercial property market has been quiet during August as it is the peak holiday period. There is also the added influence of uncertainty amongst the business community caused by Brexit which has resulted in a very slow period of activity. Hopefully Q4 will see an improvement in demand and market activity. However, deals were completed during August which included the following;

17 Cheap Street has been let to operate as a new independent restaurant to two people already known on the foodie circuit in Newbury – but promotion for their new business, open in October, will be down to them! The lease is for an initial 5 years and the use is full restaurant having been Swan Upholstery previously.

With the accelerating speed of conversion of offices to flats, the agent reports one local success in agreeing new terms to let Albion House in Oxford Street to Jaywing, so keeping an important employer in the town centre and keeping an office building in commercial use. The new lease is for 10 years and is a building of 6,700 sq ft with on site parking. Deal Varney acted on behalf of the owners McKay Securities, and Carter Jonas for the tenant.

February didn’t see the improvement in the commercial market that we had hoped for but that’s not surprising due to the half term holidays. Whilst enquiry levels are lower than anticipated demand still remains good and this has been reflected in the number of transactions that have reached completion.

Very attractive high quality offices at The Cart Shed, Boames Lane, Enborne, let, having been on the market for just two months. At only 471 sq ft the offices provided very high quality open plan accommodation, the new tenant is a ground works company presently based in Kintbury.